Business
Equities Snap Losing Streak, Gains N57bn
Snapping eight consecutive sessions of losses, the domestic equities market posted a N57 billion rebound, supported by investors’ demand for FBN Holdings (FBNH) Plc and 16 others.
The All-Share Index (ASI) gained 100.55 points, representing a gain of 0.10 per cent to close at 99,908.89 points. Also, market capitalisation rose by N57 billion to close at N56.505 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; FBNH, Fidelity Bank, Ikeja Hotel, Access Holdings and Morison Industries.
As measured by market breadth, market sentiment was negative, as 27 stocks lost relative to 17 gainers. Ikeja Hotel emerged the highest price gainer of 10 per cent to close at N7.26, per share. Fidelity Bank followed with a gain of 9.88 per cent each to close at N8.90, while Academy Press rose by 9.77 per cent to close at N1.91, per share.
Morison Academy appreciated by 9.71 per cent to close at N3.39, while Prestige Assurance appreciated by 9.26 per cent to close at 59 kobo, per share. On the other side, Livestock Feeds led others on the losers’ chart with 10 per cent to close at N1.44, per share. International Energy Insurance followed with a decline of 9.79 per cent to close at N1.29, while CWG shed 9.79 per cent to close at N6.45, per share.
FTN Cocoa Processors depreciated by 9.72 per cent to close at N1.30, while Africa Prudential dipped by 9.42 per cent to close at N6.25, per share.
The total volume traded decreased by 20.11 per cent to 322.656 million units, valued at N5.820 billion, and exchanged in 9,074 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 55.013 million shares worth N1.284 billion. Zenith Bank followed with account of 47.03 million shares valued at N1.691 billion, while Access Holdings traded 44.986 million shares valued at N789.622 million.
Universal Insurance traded 21.25 million shares worth N7.867 million, while Transnational Corporation (Transcorp) traded 15.922 million shares worth N211.402 million.
